PremiumAs the conflict enters its fourth month, and the war appears to be restarting following the latest exchange of strikes between Iran and Israel, one development stands out: prices have become remarkably, almost unbelievably, calm.Brent futures have stabilized near $100 per barrel. Dated Brent — the physical benchmark for prompt delivery — has also eased materially, and its premium to the front-month futures has retraced sharply from a record $36 in early April, when buyers were scrambling for available cargoes, to about $2, back near pre-conflict levels (something we discussed a month ago). Refined product prices have also pulled back from recent highs, and volatility across crude and product markets has fallen sharply.